Russia Vows to Ease US Tariffs on India, Boost Trade with Record Imports
The US has slapped a 50% tariff on India, including a 25% tax on Russian oil imports. In response, Russian President Vladimir Putin has ordered his government to find solutions to ease the trade imbalance with India, as bilateral trade reached a record high of $68.7 billion in FY 2024-25.
Putin has instructed the Ministry of Economic Development to propose measures to improve trade balance and expand cooperation with India. Russia wants India to continue purchasing Russian oil despite US penalties. Meanwhile, India and Russia are working together to identify and remove tariff and non-tariff barriers to boost Indian exports to Russia. Additionally, India is in talks for a free trade agreement (FTA) with the EAEU bloc, which includes Russia.
Putin has suggested increasing imports of Indian agricultural products and medicinal/pharmaceuticals to balance trade. The surge in Russian imports is largely due to India buying more oil following Western sanctions on Russia.
With bilateral trade at an all-time high, Russia and India are working together to address trade imbalances. Putin has assured India of measures to ease the situation, and both countries are exploring ways to increase exports and imports, including a potential FTA with the EAEU bloc.
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